Articles Tagged with unsuitability

Atlanta Financial Advisor Accused of Using an Unsuitable Options Investment Strategy

Michael John Wagner, a longtime Morgan Stanley broker, is currently under scrutiny in the wake of recent customer disputes in which the claimants are requesting over $20M in damages. 

Based out of Atlanta, Georgia, Wagner has worked in the industry for 20 years. He has been a Morgan Stanley broker since 2012. Before that, he was a Merrill Lynch stockbroker and investment advisor.

Investors Are Seeking Six- to Seven-Figures in Damages 

If you suffered investment losses while working with former Worden Capital Markets broker Mark Sam Kolta, you may want to explore your legal options with a seasoned securities law firm. 

Kolta, who worked for 13 years in the industry, has 27 disclosures in his BrokerCheck record, 26 of which are customer disputes. A number of these are still pending, with some claimants requesting damages in the six and seven figures. 

Sarasota, Florida Investment Advisor Still Operates Kennon Financial

David Robert Kennon, a former First Allied Securities stockbroker, has three customer disputes listed on his BrokerCheck in which the claimants have accused him of making unsuitable investment recommendations. 

Kennon, who is no longer a registered broker, remains a registered investment advisor in Sarasota, Florida where he runs Kennon Financial. Our Florida investment fraud lawyers are investigating claims of losses by customers of David Kennon. 

Former Ameriprise Financial Advisor is Named in Five Pending Customer Disputes

James William Dunn, an ex-stockbroker and investment advisor in Vienna, VA with Ameriprise Financial Services, is under scrutiny over losses suffered by customers. He is currently named in five customer disputes in which the damages sought range from six- to seven figures. 

All of the Financial Industry Regulatory Authority (FINRA) arbitration claims involving Dunn were brought in 2021. The misconduct alleged was said to have occurred during this same year. 

Ansonia, CT Financial Advisor Named in Investor Claims Involving REIT & BDC Losses

Cynthia Ann Giovacchino, who is a longtime LPL Financial broker, has been named in four customer disputes. The claimants are accusing her of making unsuitable recommendations involving alternative investments.

These investments included business development companies (BDCs) and real estate investment trusts (REITs). Giovacchino has worked in the industry for 22 years. She is also a Senior Vice President at Webster Investments. 

Fort Lauderdale, Florida Financial Advisor is Named in Six-Figure Customer Dispute

Robert Brian Wolfe, who was a Goldman Sachs broker from July 2020 to October 2021, was recently dismissed by the broker-dealer. His firing came following allegations related to client communications involving market valuations and portfolio performance, as well as his handling of customer grievances without the firm’s knowledge or approval. 

A longtime financial advisor of 21 years in Fort Lauderdale and Miami, Wolfe has been named in five customer disputes. According to sources, all of the claims that have been brought as of November 2021 are from his time as a Cetera Advisors Network broker from 2017 to 2020.  

Ex-Arkadios Capital Financial Advisor is Accused of Unsuitability & Concentration

A former broker and investment advisor, Marc Frederick Korsch, is currently named in several pending customer disputes in which, as of November 2021,  the claimants are still seeking to recover $2.8M in damages.

Korsch was an Arkadios Capital financial advisor for six months until early September 2021. The investor claims naming him appear to be from his time with other broker-dealers including:

Former Merrill Lynch Financial Advisor Has Been Named in Nine Customer Disputes

Peter Edward Eckerline, a longtime Merrill Lynch broker who spent his entire 37 years industry with the firm until August 2021, has been named in nine customer disputes by claimants. These claimants are seeking to recover damages for losses they sustained. 

Eckerline, who worked out of Wayzata, Minnesota for Merrill Lynch Wealth Management, is no longer a registered broker or investment advisor. 

Pennsylvania Financial Advisor is Accused of Making Unsuitable Recommendations 

Austin Richard Dutton, Jr., an American Trust Investment Services stockbroker, is currently the subject of a Financial Industry Regulatory Authority (FINRA) arbitration case. The self-regulatory organization (SRO) has made a preliminary determination to recommend disciplinary action against him. The Doylestown, PA financial advisor is accused of violating FINRA Rules 2111,  2010, and 4511.  

FINRA announced its preliminary determination involving Dutton in March 2021. FINRA Rule 2111 has to do with suitability and requires broker-dealers and their registered representatives to only make recommendations that are suitable for each customer.  Rule 2010 mandates that members abide by high standards of commercial honor and fair and equitable principles of trade. Rule 4511 requires FINRA members to make records and books and preserve them for at least six years. 

American Trust Investment Services Broker Accused of Recommending Unsuitable Investments to Investors 

David Richard Geake, an Indiana-based broker and investment advisor with American Trust Investment Services, is currently facing three customer disputes in which the claimants are accusing him of making unsuitable investment recommendations. Geake, who has been in the industry for 22 years, has 12 disclosures on his BrokerCheck, including other customer disputes. 

If you are an investor who has suffered losses while working with American Trust Investment Services broker David Geake, contact our Financial Industry Regulatory Authority (FINRA) arbitration attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today.

Contact Information